AT THE RECENT OPENING OF FENDI'S FLAGSHIP on Fifth Avenue in New York City, CEO Michael Burke insisted that luxury is no longer about being the biggest. “It's about being intimate and unique,” he said, surveying the new two-story store, filled with handmade furs and trendy Spy bags. These days redefining luxury has become an art form as innovative purveyors of high-end products try to ride the vicissitudes of an unpredictable stock market and weather even more unpredictable global events. In the past five years, we've seen bling-bling luxury evolve into more personal luxury. Now there's small-scale luxury.
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